DUKE OF WELLINGTON GOLD DREDGING COMPANY.

Otago Witness, Issue 2524, 30 July 1902, Page 25

DUKE OF WELLINGTON GOLD DREDGING COMPANY.

The adjourned extraordinary general meeting of the Duke of Wellington Gold Dredging Company was held on Friday afternoon. Mr H. Crust (chairman of directors) presided, and there were about a dozen shareholders present. The Chairman said that the meeting had been adjourned from the 30th May in o/der to see whether by the issue of debentures the company could carry on. Shareholders and others had been approached, but without sufficient success, and consequently their prospect of carrying on waa no better than when they last had met. The promises made would have given them nearly enough money to complete their contracts, but it would have left them without funds with which to Btart working, and under those circumstances it would have been folly to continue. He would therefore move—" That it has been proved to the satisfaction of this meeting that the company cannot, by reason of its liabilities, continue it business, and that it inadvisable to wind up the same, and accordinglyHhat the company be wound up voluntaiily under ' The Companies Act, 1882/ and its amendments.'

Mr R. T. Wheeler, jun., in seconding the motion, said that the directors had done their best to make arrangements to carry ou, but the state of the mining market at the present time prevented their efforts being successful. The public had been hit so heavily that most people had made up their minds to lose what they had already invested rather than venture any more. Personally, he thought that this was a pity. He had always gone on the line of venturing a little more in order to have a run for his money. Nothing had bsen taken cut of the claim, and it was as good as ever it had been ; but public opinion had undergone a decided change, and that accounted for the present condition of tho company. He therefore would reluctantly second the resolution, and at the same time lie would like to say that the Major Robin and Lord Nelson Companies were anxiously awaiting the result of the Duke of Wellington's operations. It might therefore be possible for the liquidator to arrange a reconstruction scheme from amongst the shareholders of the three companies. If the dredge could be got clear there might ba some of them willing to risk a £10 note, and it might suit them. Seeing they could not get sufficient support from their own company, they might get it from the three companies, but it would be quite a new arrangement, and under another

The motion was put and carried without further discussion.

Mr Leslie was appointed liquidator at a remuneration of £25, and the meeting terminated.

Those present remained behind to discuss Mr Wheeler's proposal for reconstruction.